Quarterly Letters To Clients
An objective of headlines in print and online media is to get the reader’s attention, and the two most recent quarters’ stock market returns created ample opportunity. Several representative examples went something like this:
Q4 2018: S&P 500 Plunges 14%, Worst Quarter Since 2011
Q1 2019: S&P 500 Soars 13%, Best Quarter in a Decade
Medley & Brown Commentary
As we have done for several years, Jean and I are spending our summer vacation in St. Andrews, Scotland. We like it here. It is always cool in July, we enjoy the university atmosphere, it is fun to walk on the beaches of the North Sea, and while I am no longer a golfer, the five courses along the sea are a beautiful site. But as always, I am never far away from my interest in investing, and today the stock market in the United Kingdom has my attention.
Windsor Fund’s brilliant portfolio manager, John Neff, died a few weeks ago. Mr. Neff ran the Windsor Fund for the Vanguard Group from 1964 to the end of 1995, and his track record was extraordinary. Under his management for thirty-plus years, the Windsor Fund returned 13.7% annually compared to the Standard & Poor’s 500 return of 10.6% annually.
Meet Our Team
Tim C. Medley
Tim Medley has been in the investment business since 1967, founded the predecessor to our firm in 1988, and was the first person in the State of Mississippi to be awarded the CFP® certification.View Profile
Doug Muenzenmay, CFA, CFP® joined Medley & Brown, LLC, in April 2010. Doug has 24 years of capital markets experience including portfolio management for individuals, institutions and endowments.View Profile
Julius Ridgway, CFA joined Medley & Brown, LLC, in July 2002. He has over 15 years of direct investment experience, and spent the previous ten years involved in various aspects of financial services, banking and real estate.View Profile
Eddie Carlisle, CFP® joined Medley & Brown, LLC, in May 2006, having previously practiced law for five years at Watkins & Eager, PLLC.
Eddie serves as the firm's Chief Compliance Officer.View Profile
Quotes & Commentary
In recent years, the sensible course for us to follow has been clear: Many stocks have offered far more for our money than we could obtain by purchasing businesses in their entirety. That disparity led us to buy about $43 billion of marketable equities last year, while selling only $19 billion. Charlie and I believe the companies in which we invested offered excellent value, far exceeding that available in takeover transactions.